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news.Albany Molecular Research (AMRI) has announced that it has completed the previously announced acquisition of Cedarburg Pharmaceuticals.
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Cedarburg, whose capabilities both augment and complement those of AMRI, is a contract developer and manufacturer of technically complex active pharmaceutical ingredients (API’s) for both generic and branded customers.
The transaction is consistent with AMRI’s strategy to be the preeminent supplier of custom and complex drug development services and product to both the branded and generic pharmaceutical industry.
Customers will benefit from access to a greater breadth of resources, including development of complex API, expanded scale-up capabilities and large scale manufacturing in lower cost environments.
Total consideration paid was $41m, including assumption of certain liabilities. AMRI financed the transaction with cash on hand. The acquisition is expected to add between $13m and $14m to AMRI’s revenue in 2014.
AMRI anticipates full year run-rate synergies of approximately $1.5m of EBITDA within 12 months of closing and the acquisition is expected to be accretive to AMRI’s 2014 adjusted diluted EPS in the range of $0.06 to $0.07 per share. Items excluded from non-GAAP financial results are expected to include all transaction-related costs, including amortization of intangible assets.